Business

MP Ltd were a very small business when they started out. They are now a much larger concern and lots of people now rely on that business for their financial well being. It was important therefore that the Directors took advice on how that business would continue in various circumstances.

With the help of fellow professionals including their solicitor and accountant we solved the following

If either of the shareholders die, the spouse of the deceased will inherit the shares. The surviving shareholder will receive a lump sum from an insurance policy upon which we advised. An appropriate trust was arranged as well as a legal agreement drawn up by the solicitor which meant that the Co shareholders (who were to continue to running the business) were able to purchase the shares of the widow.

Other insurance on the deceased directors life would pay out to the company plugging a potential gap in the profits resulting from the death.

G Ltd had put a pension scheme in place for their staff many years ago. Recently they were contacted by that provider to say that their scheme would not meet the requirements of the new legislation which introduces ‘Auto enrolment’. Where every employer has to automatically enrol their staff into a pension scheme.

Only 20% of the staff were participating in the scheme at the time.

We were asked to go and assess what needed to be done.

As a small employer, G Ltd was ahead of the game as they only needed to comply by 2016. However, as a measure of their commitment to their staff, they wanted to introduce a scheme now which does comply with the new legislation.

We project managed the scheme from start to finish, including presenting to their staff and offering 1:1 meetings. The scheme is now up and running smoothly and 85% of the staff are now included in the scheme. All saving for a better retirement.

Contact Us

Company registration number 7509349. Company registered in England and Wales. Registered office: The Old Bank, 77 Railway Rd, Brinscall, PR6 8RJ. “The information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.” Banks Wealth Management Ltd is authorised and regulated by the Financial Conduct Authority. Banks Wealth Management LTD is entered on the FCA register (www.fca.org.uk/register) under reference 729590.